Loan Repayment Restart
In March 2020, federal student loan payments of principal and interest were suspended due to the COVID-19 pandemic. After numerous extensions of the repayment pause, the national emergency ended and loan repayment resumed on Oct. 2023.
In cooperation with the National Association of Student Financial Aid Administrators (NASFAA), Wilkes University is providing these resources to help you navigate the restart of student loan payment.
Step By Step Guides
Preparing for Sucessful Student Loan Repayment
Use your FSA ID to log in to StudentAid.gov
Your FSA ID (the same you used to complete your FAFSA) will include a username and password. Once logged in, update your personal information and confirm your student loan servicer.
Confirm your student loan servicer
Your servicer may vary depending on the type of loan you have. If you don't know who your servicer is, log on to studentaid.gov external website and visit the My Loan Servicers section of your dashboard.
Log in to your loan servicer account and update your contact information
Create an account or log in to an existing one via the servicer's website. Review and update your personal contact information, including your email and mailing address, so your servicer can reach you.
Reauthorize or select auto debit for monthly payments
If you were previously signed up for automatic debit before the payment pause began, you must reauthorize or select automatic debit through your loan servicer account. This will allow your loan payments to be automatically withdrawn from your bank account every month.
Review payment due date and amount
How to Pick the Right Repayment Plan
Review your student loan servicer account
The contact information your servicer has may need to be updated. It is important that your servicer has accurate contact information so they can reach you with pertinent updates. You should also review your outstanding balances and accrued interest.
Consider your repayment strategy and decide whether you need to change plans
When you completed loan exit counseling, you selected a plan to repay your student loans. If you didn’t select a repayment plan, you were automatically placed in the standard plan. If the plan you were previously in no longer aligns with your repayment strategy, you may want to consider switching.
Research repayment options and confirm the best plan for you
The standard repayment plan is solely based on the amount you borrowed, and divides your balance (plus interest) into equal, fixed monthly payments. Others, known as income-driven repayment (IDR) plans, take your income into account. In many cases, an IDR plan will provide you with a lower monthly payment. If you don’t remember which plan you’re in, you can find it on studentaid.gov or on loan servicer’s portal. You can also find information on your outstanding balances, accrued interest, and current monthly payment. Your loan servicer may also have repayment calculator tools to help you figure out which plan is right for you.
Once you’ve selected your plan, make the change in your servicer portal or studentaid.gov
If you decide to change your repayment plan to a non-IDR plan, log on to your loan servicer’s website to initiate the change. If you would like to apply for an IDR plan, you can do so via studentaid.gov external website. Keep in mind that if you select an IDR plan, you may be asked for additional information to certify your income and family size. If you need help selecting a plan or completing the process, contact your loan servicer.
Tips & Tricks
Preparing to Resume Repayment
Start Early and Be Ready
Don't delay being proactive if you anticipate encountering any troubles as repayment begins, as there are consequences to not being prepared.
Review Your Personal Budget
Review your personal budget to ensure that you will be able to make your necessary monthly payments. You can find resources to help you create, manage, and maintain your budget on studentaid.gov external website.
Be Patient & Remain Diligent
With millions of borrowers transitioning into repayment at the same time, it is possible that loan servicers may be overwhelmed with a high volume of inquiries. It is possible you may not reach your servicer via phone the first time you call, and you may need to call a few times before getting connected. You may be able to find the information you’re looking for on your own on your loan servicer’s website, or by emailing or using live chat features.
Keep Documentation
Keep good documentation of your financial aid and loan servicer records and communications, such as forms, research, who you spoke to, and detailed notes of what you discussed.
Stay Alert to Avoid Scams
- Your student loan servicer will provide you with free assistance. You should never pay an outside entity to help with your student loans.
- If you don’t know who your servicer is, you can find out by logging on to studentaid.gov external website and visiting the My Loan Servicers section of your dashboard.
- While you may reach your loan servicer via phone, your servicer will always initiate communications with you via email. Unless you initiate the contact, you should never share personal information over the phone.
- Prepare for Student Loan Payments to Restart external website
- This page outlines important information that borrowers need to know ahead of repayment resuming, recommend actions for borrowers to take as they prepare, and a frequently asked questions section.
- Repaying Student Loans for the First Time external website
- This page provides helpful information to borrowers who will be making payments for the first time since the COVID-19 pandemic-related pause.
- Loan Forgiveness external website
- There are various loan forgiveness programs that are available for borrowers who meet certain criteria and circumstances.
- One-Time Federal Student Loan Debt Relief external website
- Stay apprised of latest updates on the administration's debt relief plans.
- Fresh Start external website
- This initiative aims to assist delinquent and defaulted borrowers enter back into repayment in good standing.
- Public Service Loan Forgiveness (PSLF) external website
- The PSLF program is for borrowers working in public service who are employed by qualifying employers and meet the criteria to receive forgiveness.
- The Office of Federal Student Aid's (FSA) Repaying Your Loans Booklet (.pdf)
- This resource outlines information related to the repayment of federal Direct Loans, Perkins Loans, and FFEL loans.
- Income-Driven Repayment (IDR) Plans external website
- Learn more about the four available IDR plans that determine your monthly student loan payment based on your income and family size.
- Student Loan Deferment and Forbearance external website
- Deferment and forbearance are options that allow borrowers in short-term financial distress to temporarily stop making payments.
- Student Loan Delinquency and Default external website
- Federal student loans become delinquent when a borrower misses a payment. A loan may go into default if the borrower does not make a payment in a certain amount of time. FSA outlines delinquency/default and actions borrowers can take if they believe their loans were mistakenly put in default.
Contact your Loan Servicer
Identifying Your Servicer
The following are loan servicers for loans that the U.S Department of Education (ED) owns. You can find out who your loan servicer is by either:
- Visiting your account dashboard external website under the My Loan Servicers section.
- Call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
We have been informed that many borrowers are experiencing long wait times to reach servicer representatives by phone. NASFAA recommends that borrowers ensure the information they're looking for is not on studentaid.gov external website or their own loan servicer's website before reaching out to servicers. They also recommend communicating by email or using live chat features, rather than contacting their servicer's call center. This will help reduce phone call waiting time for borrowers who must speak with a representative.
SAVE Loan Repayment Plan
The U.S. Department of Education recently released a new income-driven repayment plan, the Saving on a Valuable Education (SAVE), which calculates your monthly payment amount based on your income and family size. The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers.